Gold Wave Analysis – 5 July, 2022

• Gold broke pivotal support level 1790.00
• Likely to fall to support level 1755.00

Gold is under strong bearish pressure after the price broke the pivotal support level 1790.00 (which has been repeatedly reversing the price from last December).

The breakout of the support level 1790.00 accelerated the active impulse waves (iii) and 3 – which belong to the higher-order impulse wave (C) from last month.

Gold can be expected to fall further toward the next support level 1755.00 (former monthly low from November and December, target for the completion of the active impulse wave 3).